If you’ve decided to sell your property, chances are you want it to sell fast. A quick sale will often get you the best price, while minimising costs. Unfortunately, life doesn’t always go to plan and some sellers are left wondering why their property hasn’t sold many months after the listing date. If you find yourself in this predicament, relisting your home can improve your chances of selling. But before you relist, read our guide to ensure you optimise your chances of selling fast, second time around.
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How Long Should a Property Take to Sell?
Many factors determine how long properties remain on the market, but you can normally base it on the average DOM (days on market) for your city or suburb. This is calculated by adding the number of days each property has been on the market and then dividing this by the number of properties that were listed. We’ve provided a simple example below.
8,585 days / 100 properties = 85.85 days
In this case, you could reasonably expect your property to sell within approximately 85 days. If it doesn’t, you should evaluate the reasons for this and might consider relisting your home.
Properties normally take longer to sell in a buyer’s market.
Should I Relist My Home?
Your agent will normally set a preferred listing time in your listing agreement. If your property is not sold within this timeframe, your agent may request that you relist your property. Alternatively, you can choose to relist your home if you feel the listing has become stale and isn’t getting enough interest.
A good agent will collect buyer feedback during the selling process. This is invaluable to determining why your property didn’t sell and what you can change when relisting.
Before you decide to relist, you should evaluate why your property hasn’t sold. These 9 questions will help you figure out what went wrong.
1. Are you selling in a buyer’s market?
A buyer’s market means that there are more sellers trying to sell than buyers wanting to buy. This floods the market and gives buyers plenty of choice. They may not notice your home among all the others on offer or they may find a similar property for a lower price.
2. Has the property market changed?
The market may have changed while your property was listed, lengthening the average DOM. In this case, it may pay to wait a little longer. Alternatively, it might be wiser to relist your property once the market is more suited to sellers.
For example, the coronavirus pandemic brought in unexpected market conditions that may not have suited sellers. Many sellers may find their homes unsold long after the average DOM has passed and may need to relist despite unfavourable conditions. If you find yourself in this position, it’s even more critical to make the most of your relisting opportunity.
If your property price is too high, you risk putting off potential buyers, especially in a buyer’s market. Overpriced homes often have plenty of interest but no offers.Get an accurate estimate of your home’s value before you relist.
Overpricing your relisting can prevent your home from selling second time around.
4. Is your home appealing to potential buyers?
First impressions count. Potential buyers will decide whether your property is worth a look simply by viewing online photos and doing a driveby. If the outside of the property is not up to scratch, they are likely to give your home a miss. Fresh paint, gardening and decluttering all contribute to an appealing home.
5. Have buyers had the opportunity to thoroughly inspect your home?
Have viewings been limited in number and time? This can easily happen if you have tenants but can mean buyers aren’t given the opportunity to view your property properly.
6. Are you selling a premium home?
Premium homes typically take longer to sell, so the average DOM might be less relevant to your property. You will likely have to wait a little longer to sell, so it might be best to hold off on relisting.
7. Are you selling at the right time of year?
Certain seasons offer better conditions for selling your property. In the warmer seasons, people tend to be out and about looking at properties, while winter sees more people hibernating at home. You can expect fewer people to be on the hunt for a new home during Christmas and New Year too. Relist your property at theright time to maximise your chance of selling fast.
Poor photos or a lack of detailed information can deter potential buyers from viewing your property. Reviewing your agent’s marketing strategy may offer opportunities for improvement when relisting.
9. Is your real estate agent the right fit?
Choosing the right estate agent is critical to selling your home fast and for the right price. If you aren’t happy with their marketing strategy or if you simply feel they haven’t met your requirements, your agent might not be the right person to sell your home. Now might be the perfect time to look for a more suitable agent. Find the right agent to relist your home.
To benefit from relisting your home, you must do something differently this time around. If you simply relist the same listing again and use the same marketing strategy, you risk your property remaining on the market past the average DOM again.
Gain the most benefit from relisting by first reviewing what went wrong with your initial listing and then making appropriate changes before relisting your property.
Here’s why you should consider relisting your home:
It restarts the DOM count on your listing. This means new potential buyers will assume your home is fresh on the market and will be more willing to consider your home – and maybe even pay a higher price.
It gives you the opportunity to assess the market and relist during better market conditions.
During the coronavirus pandemic, you could access free re-listings in some popular real estate portals, so you may not have to pay again for your online ads.
If you’re with a new agent, you have access to a new perspective, set of marketing strategies and a new buyer’s database.
Relisting a property is not without risks. Be sure to consider each of these carefully before deciding to relist.
You may lose buyer trust. Some potential buyers watch property listings over time and may remember your original listing. They may then wonder what went wrong and be suspicious of the new listing. An easy way around this is to ensure you have a strong reason for relisting your property.
Buyers may delay putting in an offer. If you lowered the price because you found that your original price was too high, potential buyers may notice this and assume you will keep lowering the price because your property isn’t selling. These buyers may wait for yet another drop in the listing price before submitting an offer.
Your property may gain a reputation. If you need to relist again and again, your home may gain a reputation for being unsellable among potential buyers. The best approach is to fix any problems before relisting the first time to avoid having to relist again later.
You may pay double for services, like marketing. If you change agents, you will likely have to pay marketing and other fees again. Make sure your agent can back up the reasoning behind their marketing plan.
You could lose potential buyers. Your home will remain off the market until the relisting process is complete, which can take a while. It could be an especially long wait if you decide to wait for better market conditions. During this period, your home is not visible to potential buyers, so you could lose an opportunity.
Relist the right way to ensure your property doesn’t earn a reputation.
How to Make the Most Out of Relisting Your Home
The most important thing to do before relisting your home is to listen to buyer feedback and determine why your property didn’t sell. If you skip this step, relisting will likely do little to help your property sell faster. Once you have this vital information, you can maximise the benefits of relisting your property. Here’s how:
Stage your home. A new listing means a new home on the market, so it’s the perfect time to refresh and repair. You could get major or minor repairs done, declutter both inside and outside and refresh the property with a new coat of paint. If you have the budget, you could pay a professional to stage your home for you.
Refresh your marketing strategy. Discuss marketing options with your real estate agent. With today’s technology, there are countless tools you can use to promote your property. Photos and videos of your home help form a buyer’s first impression, so make sure they’re top notch. You could pay a professional real estate photographer if you think the cost is worth it.
Choose the right listing price. Don’t risk pricing your home too high in your relisting, particularly if price was the reason your home didn’t sell originally.
Choose the right agent to relist your property. If your current agent isn’t working out as expected, use your relisting as an opportunity to find a better agent. Having the right agent by your side can mean the difference between selling and not selling your property.
Choosing the Right Agent when Relisting Your Home
A good agent is vital to selling your home, especially if you want to sell quickly for the right price. Unfortunately, finding the right agent is no easy task. We can help you compare agents and find one that will get your property sold.